EURUSD (1.2362): The EURUSD has confirmed the failed bullish flag pattern with price action failing to breakout above the 1.2497 level. The declines yesterday pushed the euro to the previous support formed at 1.2398. A break down below this level is required for the EURUSD to confirm the downside. Initial support is seen at 1.2281 which could be tested in the near term. Following this, EURUSD could be extending the declines to the lower support level at 1.2090 – 1.2070 area of support which is pending a retest.
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